According to sources, even though Kanye West has a substantial cash reserve, he also has a high cost of living. He could face financial issues soon if he can’t find a way to stop the trend where businesses are leaving him, and industry leaders are criticizing him.
Ye, 45, is said to have five sources of income; however, those familiar with his finances allege that four of them have been seriously harmed or shut down as a result of his anti-Semitic outburst and sympathies for white supremacists.
West reportedly made money in recent years from his lucrative Adidas and Gap sponsorships, music library, new album sales, and concerts.
Kanye West Could Face Financial Crisis Within Months
His primary source of income, Adidas, declared this week that it would stop paying him once its enormous Yeezy footwear deal with him was canceled. Adidas is the source of the majority of his enormous riches. Insiders claim that it will be difficult to contest that decision because Adidas officials can be aggressive due to his anti-Semitic threats and his past performance as a porn star for them.
The source claims that Gap, which canceled its two-year deal with him in September, owes him compensation for the YEEZYxGAP products it sold between the period when the agreement ended and Tuesday when it stated that it was taking his products out of shops because of the dispute.
Why Doesn’t He Have Enough Money If he’s Such A Well-known Rapper?
On November 4, when it comes to performances, the rapper was supposed to take the stage at SoFi Stadium in Los Angeles. For a famous person like West, these events ought to be the simplest way to get quick money. According to insiders, he has no other engagements planned, who also say that the venue canceled it. They add that it’s unlikely that venues will book him in light of the scandals.
West is reportedly putting together a new album, but a deal for its distribution has yet to be made. His contract with the venerable label Def Jam expired in 2021. The album will probably still provide some lifeline, but he won’t generate nearly as much money as he did with his previous recordings, says an insider. The source asserted, “He’s a multiple Grammy winner and has such a massive fan base that his recordings go platinum rapidly,” and commented that it was tough to imagine anyone would be open to embracing such a win-win arrangement.
According to Billboard, the only source left are royalties, which generate around $5 million a year. That’s roughly enough to cover his jet’s gas cost, a source said with a smile. The music business was made aware last month that although West’s team tried testing the market for releasing his catalog for roughly $135 million, there seemed to be little interest.
The Real Estate Portfolio That Kanye Has Is Rather Appealing
In the previous year, West destroyed a property he had bought in Malibu, California, for $57 million. Currently, it is being rebuilt almost totally from the ground up. According to reports, the project is in jeopardy due to his financial problems. Although many of them, according to what we’ve been told, many of them are mortgaged, he also owns a boatload of other homes.
In the past, West undoubtedly encountered financial difficulties. Remember that he revealed in 2016 that he owed $54 million in personal debt, purportedly due to his several failed efforts to launch a fashion line and his excessive spending tendencies.
An insider said West’s luxurious lifestyle revolves around his contract with Adidas, and everything else is merely icing on the cake. The shoe company’s decision to flee, as reported by Forbes, cost him roughly three-quarters of his net worth, leaving him with a large financial gap to close.
The fact that he may barely have that much money stashed away to last a few “months” while having more than $100 million in the bank is rather worrying, according to the people who have confirmed it. Based on a witness, everything is contingent on his financial flow and whether he can revive it.
Concerns About Kanye’s Antisemitism
You are already aware that the 45-year-old musician has suffered repercussions for his antisemitic remarks and questionable actions, as many brands and businesses, including Adidas, have terminated connections with him. Additionally, he is currently the target of a $250 million lawsuit brought by George Floyd’s family for making the false allegation that the deceased was killed by fentanyl rather than by Derek Chauvin, a former Minneapolis police officer.
The latter impaled his knee into his neck for more than nine minutes. Now that his spate of controversies has been handled, Kanye has done so once more. The Yeezy fashion designer made an effort to apologize for spreading George’s death conspiracy idea while speaking with photographers on Friday night. He then deepened his hole by equating his current conduct with a knee to my neck and comparing losing his Adidas contract and receiving criticism to those things. Kanye stated it, which is awful.
He continued to say things after that. In addition, Kanye addressed his antisemitic behavior once more, first claiming that he was unaware of his potential antisemitism until he studied a dictionary of it. And once more, Kanye reaffirmed the repulsive antisemitic myth and conspiracy that Jews dominate the media and the entertainment business, refusing to acknowledge how detrimental his remarks have been.
The Stronger artist displayed a screenshot of a spreadsheet of the “red media,” which he claims to be the Jewish executives directing the businesses, in response to a question about whether he was retraction his earlier statements.
According to Kanye, a Jewish doctor “would have put him on medicine back then” but instead made a “misdiagnosis” of his mental health concerns. In addition, West talked about his “exhaustion” over the MAGA hat controversy, which he said led to a “misdiagnosis” of a mental illness, and his refusal to take any pills that might put him “another pill” away from Prince or Michael Jackson. Additionally, he compared himself to Emmett Till, a young man brutally lynched in 1955 at 14. He claimed that he has occasionally felt similar to Malcolm X and Martin Luther King, Jr.